Graetz NY Times Op-Ed: Keep AMT, Repeal Income Tax

Michael Graetz (Yale) has as op-ed in today's New York Times, To the Point of No Returns:

America should return the income tax to its pre-World War II status -- a relatively low-rate simple tax on a thin slice of the wealthiest Americans. Rather than repealing the alternative minimum tax, as many have urged, Congress should repeal the regular income tax. Enacting a value-added tax - a tax on sales of goods and services collected at all stages of production - at a rate of 14 percent would finance an income-tax exemption of up to $100,000.